Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
The biggest mining unions at Sibanye Stillwater Ltd. voted to strike at its gold operations until their wage demands are met, one of the groups said after a collective gathering of members.
The National Union of Mineworkers, Association of Mineworkers and Construction Union, UASA and Solidarity, met in Carletonville, about 79 kilometers southwest of Johannesburg, to discuss pay negotiations.
The members rejected the latest offer by Sibanye to increase monthly wages 700 rand ($46) annually for three years and are demanding 1,000 rand for the same period, said NUM spokesman Livhuwani Mammburu. The start of a strike hasn’t been decided, but will occur after notice is served on Monday, he said.
The NUM and AMCU, which have had a longstanding rivalry resulting in sometimes violent clashes as they campaigned to win or retain membership, are the biggest unions in the gold sector. Along with the two other groups they demanded in September an increase of 1,500 rand a month, which Sibanye described as unaffordable and said that it would result in the early closure of shafts. The labor groups early this year were granted a certificate to strike.
Sibanye’s Beatrix, Driefontein and Kloof mines employ about 31,000 workers in an industry that’s struggling to curb costs amid the geological challenges of the world’s deepest mines.
(By Paul Burkhardt)
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